Consider the following statements with reference to the Minimum Support Prices (MSP): It is the price fixed by State Government to protect the producer-farmers against excessive falls in price during the bumper production years. It is announced just after the sowing season for certain crops. It is announced on the basis of the recommendations of the Department of Agriculture and Cooperation. Which of the statements given above is/are correct?a)2 onlyb)1 and 3 onlyc)1 and 2 onlyd)NoneCorrect answer is option 'D'. Can you explain this answer?

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Consider the following statements with reference to the Minimum Support Prices (MSP):

It is the price fixed by State Government to protect the producer-farmers against excessive falls in price during the bumper production years.

It is announced just after the sowing season for certain crops.

It is announced on the basis of the recommendations of the Department of Agriculture & Cooperation.

Which of the statements given above is/are correct?

a)
2 only
b)
1 and 3 only
c)
1 and 2 only
d)
None

Correct answer is option 'D'. Can you explain this answer?

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Consider the following statements with reference to the Minimum Suppo...

Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices. Hence statement 1 is not correct.
The minimum support prices are announced by the Government of India at the beginning of the sowing season for certain crops. Hence statement 2 is not correct.
It is announced by GoI on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP). Hence statement 3 is not correct.
MSP is price fixed by the Government of India to protect the producer - farmers - against excessive falls in price during bumper production years.
- The minimum support prices are a guaranteed price for their produce from the Government.
- The major objectives are to support the farmers from distress sales and to procure food grains for public distribution.
- In case the market price for the commodity falls below the announced minimum price due to bumper production and glut in the market, govt. agencies purchase the entire quantity offered by the farmers at the announced minimum price.
Minimum support prices are currently announced for 24 commodities including seven cereals (paddy, wheat, barley, jowar, bajra, maize and ragi); five pulses (gram, arhar/tur, moong, urad, and lentil); eight oilseeds (groundnut, rapeseed/mustard, toria, soybean, sunflower seed, sesamum, safflower seed and nigerseed); copra, raw cotton, raw jute, and de-husked Coconut.
Such minimum support prices are fixed at the incentive level, so as to induce the farmers to make the capital investments for the improvement of their farm and to motivate them to adopt improved crop production technologies to step up their production and thereby their net income.
In the absence of such a guaranteed price, there is a concern that farmers may shift to other crops causing a shortage in these commodities.

Answered by Notes Wala · View profile

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Consider the following statements with reference to the Minimum Support Prices (MSP): It is the price fixed by State Government to protect the producer-farmers against excessive falls in price during the bumper production years. It is announced just after the sowing season for certain crops. It is announced on the basis of the recommendations of the Department of Agriculture & Cooperation. Which of the statements given above is/are correct?a)2 onlyb)1 and 3 onlyc)1 and 2 onlyd)NoneCorrect answer is option 'D'. Can you explain this answer?

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